Wednesday, 15 May 2013

How To Insure Your Home Against Natural Disaster

                              Here my first comment will be, "don't let God become your worst enemy - make sure your home is properly insured". Are you aware with the phrase " includes all risk" insurance coverage?  And
I am sure most likely your answer will be a "yes". But have you been sure you understood it correctly? You might think what most of the people think, that this covers just about all hazards, since the name includes all risk. It's definitely the broadest type of property policy that may be acquired, but that doesn't mean it compensate just about all losses. Only losses that are not particularly excluded tend to be automatically  protected.
             So, what I want to say is that, pay special attention on the listing of exclusions. Or else, one day you might have the uncomfortable surprise to find out that, after your home has already been damaged, the insurance provider will not pay, because the disaster which had strike you was about the exclusions checklist.   
Is Your Property Covered Against Natural Disasters :-

                                        As we all know different part of country are prone to different types of natural disasters. So depending on where your home is, you may be prone to flooding, tornadoes, hurricanes or wildfires.  No matter what natural disasters affect your state, it's important that your home is covered against damage from these disasters.
                    Property not only includes your home, but also other freestanding structures as well as personal property. The Actuarial Foundation provides four different property categories. Which are explained below -

  1) Dwelling -
                The type of structure you live in, whether it is a home, mobile home, rental or condominium. Coverage varies for each different type of dwelling.
  2) Other structures - 
                 If you own a home, there may also be other structures like detached garage or tool-sheds which are  not connected to the home that for sure needed to be taken into consideration.  

  3) Personal Property -   
                  It includes appliances, furniture and clothing. But jewelry, money and guns may not be included as a personal property, so you may want to make sure they are kept some place safe. Always keep important papers such as wills and insurance papers in a safe deposit box.                                                                                                                                         
 4) Loss Of Home -
                 If you are unable to live in your dwelling because of a natural disaster that is covered in your policy, the cost of additional living expenses, such as staying in a hotel or renting an apartment while repairs are being made should be covered in the policy.

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